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Brazil and The U.S. Make a Deal

Thursday - 4/8/2010, 10:51am EDT

The United States and Brazil are preparing to sign a new agreement to bolster defense cooperation, the first accord of its kind between the hemisphere's two top economies in more than 30 years, officials said Wednesday. Reuters is reporting the agreement, which could be signed as early as Monday, is meant to demonstrate strengthening ties between the two militaries, despite diplomatic tensions over Brazil's refusal to back new sanctions against Iran over its nuclear program. It also comes as Brazil is evaluating bids in a multibillion dollar fighter jet competition, in which U.S.-based Boeing Co is one of three contenders.